Updated: Dec 20, 2019
Enjin Coin (ENJ) is a cryptocurrency and blockchain platform, which is designed for the video gaming industry. Enjin is a Singapore-based company, which is touted as the “largest online gaming community platform”. There are over 18.7 million registered gamers, belonging to 250,000 gaming communities. ENJ is created on the Ethereum blockchain and is designed for purchasing virtual goods on the gaming platform.
This guide will discuss the purpose behind Enjin, its creators, how does it work, and the various uses and applications.
What Is Enjin Coin Designed For?
Enjin Coin was designed completely around gaming and is now the most useful cryptocurrency in the gaming industry. The Enjin project includes ENJ and a suite of software development kits, which can be used by developers to integrate into their communities and game.
The team behind Enjin Coin believes that by introducing blockchain tech to gaming, it can reduce the high fees associated with the experience and even prevent frauds prevalent in the transfer of goods. The coin is intended to extend the reach of Enjin gaming into blockchain video game development engines.
Who Is the Team Behind Enjin Coin?
Enjin Coin is developed by Enjin, which is one of the largest online gaming community creation platforms, which started in 2009. The team has deployed ENJ across the entire Enjin CMS platform which includes over 250,000 gaming websites.
Pat LaBine (previous producer and technical director at Bioware) and Anthony Diiorio (Ethereum co-founder) are the advisors to the project. Enjin has also partnered with Unity, PC Gamer, and NRG eSports to further ENJ’s reach.
How Does Enjin Coin Work?
ENJ is an ERC20 token and built on the Ethereum network. This allows the coin to act as a cryptocurrency and also possesses smart contract capabilities. Enjin Coin is also one of the first projects to be testing the Raiden Network, which is Ethereum’s version of the Lightning Network.
The creation of virtual goods and coins is a major benefit of ENJ. Each asset gets recorded on a single Registry smart contract, which allows all Enjin Smart Wallets to unfailingly recognize them. Additionally, there is a decentralized payment gateway used by the Enjin SDK. This gateway allows users to create customized carts, make invoices, and request for refunds. The payment gateway only charges a small fee in ETH on each transaction.
The Enjin Smart Wallet connects everything on the network by supporting virtual goods, from all user Trusted Platforms, which gets synced to their Ethereum address. The Smart Wallet allows trading coins and other digital assets outside of the gaming environment. It also allows a user to make transactions.
Enjin is also working on developing Efinity, which is a channel network solution to allow Enjin to scale more effectively. Efinity is a lot like Bitcoin’s Lightning Network. It consists of numerous game channels, wherein, any single game can access a near-infinite amount of transactions with almost no cost.
What are Current and Future Applications of Enjin Coin?
The largest value brought by ENJ in the gaming industry is its ability to create and manage virtual goods. Developers can easily create their unique currency, which is individualistic to their community but is backed by ENJ as the parent currency. This gives the newly created coins all the benefits of being on a blockchain (speed, cost, security) while staying customized and true to their respective platforms.
Virtual goods can be used to exchange for ENJ at any time. Beyond currencies, ENJ also applies its functionality towards privilege tokens and unique game items, such as swords or attack attributes.
Few pioneering games crafted by talented developers and powered by Enjin include 9Lives Arena, Dissolution, Age of Rust, Forgotten Artifacts, Space Misfits, and The Six Dragons.
Enjin Coin is one of the most authentic and efficient cryptocurrencies built exclusively for the gaming community. The coin is aiming to explore new technologies in the gaming space and trying to further game development.
The ENJ community manifesto has declared its aim to make gaming a much safer and fairer place. The project also aims to provide purpose to the industry, by enriching game developers’ experiences. The coin is designed to protect game developers from players having malicious intent, and enabling them to truly own their characters and items.
A lot of experts have predicted an improvement in the performance of ENJ by 2020, even though the team has not yet published its roadmap. Largest competitors to Enjin Coin are GameCredits and WAX, but the competition is tokenizing their centralized games/marketplaces while Enjin Coin is fast becoming the “Ethereum of Gaming”.